Price continued to respect the downtrend line created after GJ had made a new high, and dropped 200pips on Thursday 4th November following the BOE hold of interest rates. Price closed the week at a strong previous resistance level
Although my overall bias is bearish I am expecting price to either
1. Retrace UP to the downtrend line and reject it in between the 50 - 61.8 Fb level and continue down OR
2. Range and break below support at 153 and continue to drop to the next support level around 151
Comment
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For the month bias number 2 seems to be the one that played out
Price ranged between 154 - 153 and then fell to 151 on Friday 26th November following fears of a new covid variant resulting in trader sentiment taking a risk off tone